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Polkadot (DOT), recently tested the $7.5 resistance level against the US Dollar and is correcting its gains. However, if the price remains above the $6.75 support, a new increase is likely to start. DOT price showed a reasonable increase after forming a base above the $6.00 level. This increase overcame many obstacles, rising to around $6.75 and even surpassing $7.25. However, the highest level recorded was $7.46, and it is currently correcting gains along with other cryptocurrencies like Ethereum and Bitcoin.
Critical Resistance Levels for Cryptocurrency DOT Price!
Currently, the cryptocurrency DOT is trading above the $7.00 region and above the 100 simple moving average. The immediate resistance level is around $7.25. Next, a significant resistance level is located around $7.50. Additionally, on the 4-hour chart of the DOT/USD pair, there is a short-term expanding triangle forming at the $7.50 resistance level.
A successful break above $7.50 could initiate a new rally for DOT. In this case, the price could easily rise to the $8.00 level. However, the next major resistance level appears to be near the $8.80 region. Therefore, if DOT price overcomes these resistance levels in the near term, more upside potential is present.
Downside Risk for Altcoin Polkadot as Well
If the cryptocurrency DOT fails to initiate a new increase above $7.25, the likelihood of its price continuing to move downward is high. Technical analysis currently shows significant support levels around $7.00 and the 100 simple moving average.
Falling below this level could lead to a price drop to as low as $6.50. Moreover, further losses could open the doors to a move towards the $6.10 support area or even down to $6.00.
Looking at the technical indicators, we see that the 4-hour MACD for the DOT/USD pair has lost momentum in the bearish zone. Similarly, the 4-hour RSI (Relative Strength Index) is currently below the 50 level, indicating continued selling pressure.
The market identifies the main support levels as $7.00, $6.75, and $6.50, while the resistance levels are seen at $7.25, $7.50, and $8.00.
